Weetabix owner Lion Capital is on the brink of clinching a multi-million-pound deal to buy one of Scandinavia and the Baltic region’s leading breadmakers, Vaasan & Vaasan.

It comes 18 months after Lion Capital, in partnership with Blackstone, purchased Cadbury Schweppes’ European Beverages division - now called Orangina - for £1.26 billion.

Last year, Lion Capital, a private equity firm, acquired potato snacks processor Kettle Foods in a deal believed to be worth £147m and £168m as part of move to create the UK’s second biggest snacks manufacturing business after PepsiCo.

Lion Capital founding partner Lyndon Lea said: "Vaasan & Vaasan offers an opportunity to invest in a range of well-recognised brands that enjoy strong market positions and are on-trend with consumer preferences for healthier eating."